XRP price failed to sustain its gains obtained on September 22, resulting in a retracement to a stable support floor. While an uptrend appears to be on its way, Ripple will encounter a psychological level acting as resistance. Ripple has been in a long-standing battle with the US Securities & Exchange Commission. While the conclusion of this lawsuit does not seem to be on the horizon, CEO Brad Garlinghouse floated the idea of settlement in a recent interview. He added that the SEC needs to define what XRP is on a “go-forward basis” for Ripple to consider a settlement. XRP price seems to have bottomed around 0.88 as it kick-starts an uptrend. This climb is mainly driven by the sudden bullishness after the crash due to China’s crackdown. Investors can expect Ripple to encounter the first hurdle at 50% Fibonacci retracement level at 0.966.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Clearing this blockade will open the path for a retest of the $1 psychological barrier. While this ceiling was significant support from September as the price tested it nearly five times before the bears pushed through it on September 20, therefore, going forward, it will require a massive burst in buying pressure to shatter it.

Assuming the bulls slice through $1, there is a chance the rally will extend to $1.135 and $1.236. This ascent from the current position to $1.236 would constitute a 35% ascent. The buyers must push through the $1 barrier, and failing to do so will indicate a sign of weakness. Any surge in selling pressure could knock the remittance token down to the 62% Fibonacci retracement level at $0.856.

If this support floor is breached, it will create a lower low, invalidating the bullish thesis.

XRP/USD

farhan fazal

Sep 29 2021